Above are monthly support and resistance levels for silver based on expect price movement for the rest of this year. They will be updated monthly with comment as this report really covers the price movement of silver for the at least the next 9 months, and possibly upto mid to late 2015.

SEPTEMBER - Prices rose to test the M0-1-2MLU and again failed to continue through, . The close was on the M-1-2-3MLL however the low shows that this correction is not yet over The downtrend within MMF0-1-2 is still much on course with no indications to the contrary. Support at 19.43 did not hold and so 19.55 becomes immediate resistance.

You can see the triangle between MMF0-1-2MLU and M-1-2-3 MLL leaving a narrow range and as projected in the latest Q projections we are approaching a decision point at the end of this Q / early next Q. This month we can expect a very narrow trading range to start when subwave d-2 is made (this comment is from smaller fractal MAP Wave Analysis), before prices break down to confirm that the M bearish trend is set to continue, towards the end of the month or next month (which would line up with the Q projection).

AUGUST - Silver prices are in the lower half of the Q channel and have not been in the top half since March 2013. This projects an ideal December 2017 low of 8.60.

Now if we look at the 3 monthly channels and their ML's. Prices are still within the M012 channel, having worked their way from its MLL across to its MLU. If prices continue within this channel which currently there is no evidence otherwise the ideal wave target for this correction is for a July 2015 low of 7.75. Prices need to decide by September which channel will complete this correction. The other 2 channels are discussed after M012 channel image below.

The next channel projects an ideal March 2017 low of 8.18. As you can see prices have worked their way above the M012 ML, as well as M234 ML, however have been retained by the M012 MLU in July, and so far again the August high as well as shown.

Finally the current M234 channel projects an ideal July 2017 low of 8.40. Prices after the low od M-3 have worked their way back to the MLU and bounce off it last month at the intersection with the M012 MLU, and continued the downtrend in silver prices. For those that think I am pesimistic I have shown 2 possible bullish forks, of which silver today bounced off the lower MLU, so they are offering some support, however as W-2 made it no where near it ML the pressure on silver remains downward.

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